Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, drive-thru equipped Chick-fil-A investment property located in Penitas, Texas. The tenant, Chick-fil-A, Inc recently signed a brand new 15 year lease with 13 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor.

The Chick-fil-A is located along Expressway 83, which averages 43,400 vehicles passing by daily and is the major retail thoroughfare serving the city of Penitas. The asset is complete with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The property is adjacent to a Walmart anchored center that also features national/credit tenants including Dollar Tree, Sally Beauty Supply, and more. The asset is located within a dense fast-food area, with other notable tenants including McDonald’s, Whataburger, Pizza Hut, Domino’s, Wingstop, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Dollar General, H-E-B, Walgreens, Dollar Tree, O’Reilly Auto Parts, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 45,300 residents and 7,400 Employees. Residents in a 1-mile radius have an average household income of $60,966.

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